The dollar fluctuated in a narrow range around ¥110.10 in lackluster Tokyo trading Monday.

At 5 p.m., the dollar stood at ¥110.12, down from ¥110.21 at the same time Friday. The euro was at $1.1094, down from $1.1136, and at ¥122.18, down from ¥122.73-74.

The dollar fell below ¥110.10 in early trading but rebounded close to ¥110.20 around midmorning supported by “buy the dip” moves.

The greenback later lost momentum and was stuck in a narrow range, as active trading was held in check during the three-day weekend for Martin Luther King Day in the United States and after the start of the Bank of Japan’s two-day policy-setting meeting through Tuesday.

“The dollar has been consolidating at levels above ¥110 since early last week,” an official at a foreign exchange margin trading service firm said, suggesting an improvement in sentiment.

An asset manager, however, underscored the importance of watching the real economy for a little while.

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